Akeso announced a collaboration and license agreement with Summit Therapeutics to out-license its breakthrough bispecific antibody, ivonescimab for development and commercialization in the United States, Canada, Europe, and Japan. In addition, the company will co-brand the product in the License Territories. Under the terms of the Agreement, Akeso will receive $500M upfront payment and the total potential deal value is up to $5B including regulatory and commercial milestone payments. Akeso will also receive low double-digit percentage of royalties on net product sales of ivonescimab. The Summit will receive the exclusive rights to develop and commercialize ivonescimab in the United States, Canada, Europe, and Japan. Akeso will retain development and commercialization rights for the rest of the world including China. In addition, Dr. Michelle Xia will be appointed as one member of the board of directors of Summit. The deal is subject to customary closing practices, including applicable waiting periods under the Hart-Scott-Rodino Act.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly
See the top stocks recommended by analysts >>
Read More on SMMT:
- Summit Therapeutics Explodes Up on Licensing Deal
- Summit partners with Akeso in deal for up to $5B to in-license antibody
- Summit Therapeutics Partners with Akeso Inc. in Deal for Up to $5 Billion to In-License Breakthrough Innovative Bispecific Antibody
- Summit Therapeutics Appoints Experienced Clinical Leader Dr. Alessandra Cesano to its Board of Directors
- Summit Therapeutics Inc. Reports Financial Results and Operational Progress for the Third Quarter and Nine Months Ended September 30, 2022